Jeweler Pleads Guilty in KPMG Insider-Trading Case

By

Hannah Karp

Updated May 20, 2013 3:35 p.m. ET

ENCINO, CALIF.—Jewelry dealer Bryan Shaw pleaded guilty Monday to conspiring to commit securities fraud with former KPMG LLP auditor Scott London, a felony that could land him in prison for up to five years.

Mr. Shaw's attorney, Nathan Hochman, said his client felt he made a "stupid" mistake and "pleaded guilty because he is guilty…. he let his common sense run away."